Registered number
11810304
Opulent Motors Limited
Filleted Accounts
28 February 2023
Opulent Motors Limited
Registered number: 11810304
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Current assets
Stocks 107,369 46,771
Cash at bank and in hand 63,470 26,383
170,839 73,154
Creditors: amounts falling due within one year 3 (77,660) (21,384)
Net current assets 93,179 51,770
Total assets less current liabilities 93,179 51,770
Creditors: amounts falling due after more than one year 4 - (8,404)
Net assets 93,179 43,366
Capital and reserves
Called up share capital 10 10
Profit and loss account 93,169 43,356
Shareholders' funds 93,179 43,366
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Fiona Tahir
Director
Approved by the board on 21 February 2024
Opulent Motors Limited
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Creditors: amounts falling due within one year 2023 2022
£ £
Non-equity preference shares - -
Bank loans and overdrafts 60,368 -
Obligations under finance lease and hire purchase contracts - -
Trade creditors - -
Amounts owed to group undertakings and undertakings in which the company has a participating interest - -
Taxation and social security costs 15,992 20,084
Other creditors 1,300 1,300
77,660 21,384
4 Creditors: amounts falling due after one year 2023 2022
£ £
Non-equity preference shares - -
Bank loans - 8,404
Obligations under finance lease and hire purchase contracts - -
Trade creditors - -
Amounts owed to group undertakings and undertakings in which the company has a participating interest - -
Other creditors - -
- 8,404
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